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Tuesday, May 10, 2011

Gaga Helps Robin Hood Foundation Raise $47 Million

Robin Hood Foundation’s 22nd annual gala, which featured performances from Lady Gaga, Tony Bennett and Kid Rock, hauled in more than 47 million for poverty-fighting organizations in New York City.

The $47.4 million total surpassed the $40-million goal organizers aimed for but well below last year’s record $87.8 million. The 2010 total included a matching grant from billionaire financier George Soros, who also contributed $27 million to the $73 million raised in 2009.

Costs of the annual gala are covered by Robin Hood’s 28-member board, which includes actress Gwenyth Paltrow, General Electric CEO Jeffrey Immelt and other titans of Wall Street. Last night’s benefit was co-chaired by Laurence Fink, co-founder and chairman of BlackRock, Inc., and real estate developer Richard LeFrak, and David Solomon, co-head of Goldman Sachs’ investment banking unit and a Robin Hood board member.

This year’s event at the Jacob Javits Convention Center sold out soon after it was announced that Lady Gaga would be performing. SCO Family of Services was the top vote-getter in a contest promoted by Lady Gaga. The organization is entitled to a grant of $1 million, distributed in $500,000 increments over two years. Four other nonprofits will receive grants over a two-year period: The Door ($200,000); Hetrick-Martin Institute ($150,000); Lawyers for Children ($100,000), and Safe Horizon ($50,000). All of the organizations focus on helping disconnected youth in New York City.

It probably shouldn't come as much as a surprise that the gala did so well, considering the star power that Lady Gaga bought to the event. You can read the full article by clicking here.

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